Jordan Manufacturing Company was started on January 1, year 1, when it acquired $83,000 cash by issuing common stock. Jordan immediately purchased office furniture and manufacturing equipment costing $8,400 and $33,500, respectively. The office furniture had an eight-year useful life and a zero salvage value. The manufacturing equipment had a $3,100 salvage value and an expected useful life of four years. The company paid $11,000 for salaries of administrative personnel and $15,300 for wages to production personnel. Finally, the company paid $12,350 for raw materials that were used to make inventory. All inventory was started and completed during the year. Jordan completed production on 4,700 units of product and sold 3,750 units at a price of $15 each in year 1. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)  

a) Determine the total product cost and the average cost per unit of the inventory produced in year 1. (Round "Average cost per unit" to 2 decimal places.)

b) Determine the amount of cost of goods sold that would appear on the year 1 income statement. (Do not round intermediate calculations.)

c) Determine the amount of the ending inventory balance that would appear on the December 31, year 1, balance sheet. (Do not round intermediate calculations.)

d) Determine the amount of net income that would appear on the year 1 income statement. (Round your final answer value to the nearest whole dollar.)

e) Determine the amount of retained earnings that would appear on the December 31, year 1, balance sheet. (Round your final answer value to the nearest whole dollar.)

f) Determine the amount of total assets that would appear on the December 31, year 1, balance sheet. (Round your final answer value to the nearest whole dollar.)

Protrade Corporation acquired 70 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $420,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $715,000 and the fair value of the 30 percent noncontrolling interest was $180,000. No excess fair value over book value amortization accompanied the acquisition. The following selected account balances are from the individual financial records of these two companies as of December 31, 2018: Protrade Seacraft Sales $ 830,000 $ 550,000 Cost of goods sold 385,000 292,000 Operating expenses 169,000 124,000 Retained earnings, 1/1/18 930,000 370,000 Inventory 365,000 129,000 Buildings (net) 377,000 176,000 Investment income Not given 0 Each of the following problems is an independent situation: a.Assume that Protrade sells Seacraft inventory at a markup equal to 60 percent of cost. Intra-entity transfers were $109,000 in 2017 and $129,000 in 2018. Of this inventory, Seacraft retained and then sold $47,000 of the 2017 transfers in 2018 and held $61,000 of the 2018 transfers until 2019. Determine balances for the following items that would appear on consolidated financial statements for 2018: b.Assume that Seacraft sells inventory to Protrade at a markup equal to 60 percent of cost. Intra-entity transfers were $69,000 in 2017 and $99,000 in 2018. Of this inventory, $40,000 of the 2017 transfers were retained and then sold by Protrade in 2018, whereas $54,000 of the 2018 transfers were held until 2019. Determine balances for the following items that would appear on consolidated financial statements for 2018: c.Protrade sells Seacraft a building on January 1, 2017, for $118,000, although its book value was only $69,000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value. Determine balances for the following items that would appear on consolidated financial statements for 2018:

On January 1, 2017, Corgan Company acquired 80 percent of the outstanding voting stock of Smashing, Inc., for a total of $1,680,000 in cash and other consideration. At the acquisition date, Smashing had common stock of $930,000, retained earnings of $480,000, and a noncontrolling interest fair value of $420,000. Corgan attributed the excess of fair value over Smashing's book value to various covenants with a 20-year remaining life. Corgan uses the equity method to account for its investment in Smashing.

During the next two years, Smashing reported the following:

Corgan sells inventory to Smashing using a 60 percent markup on cost. At the end of 2017 and 2018, 40 percent of the current year purchases remain in Smashing's inventory.

Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2018.

Prepare the worksheet adjustments for the December 31, 2018, consolidation of Corgan and Smashing.

Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2018.

Prepare the worksheet adjustments for the December 31, 2018, consolidation of Corgan and Smashing. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

1

Prepare entry *G

2

Prepare entry S

3

Prepare entry A

4

Prepare entry I

5

Prepare entry D

6

Prepare entry E

7

Prepare entry TI

8

Prepare entry G

Each of the following problems is an independent situation:

Protrade Corporation acquired 80 percent of the outstanding voting stock of Seacraft Company on January 1, 2017, for $488,000 in cash and other consideration. At the acquisition date, Protrade assessed Seacraft's identifiable assets and liabilities at a collective net fair value of $735,000 and the fair value of the 20 percent noncontrolling interest was $122,000. No excess fair value over book value amortization accompanied the acquisition.

The following selected account balances are from the individual financial records of these two companies as of December 31, 2018:

Each of the following problems is an independent situation:

Assume that Protrade sells Seacraft inventory at a markup equal to 40 percent of cost. Intra-entity transfers were $111,000 in 2017 and $131,000 in 2018. Of this inventory, Seacraft retained and then sold $49,000 of the 2017 transfers in 2018 and held $63,000 of the 2018 transfers until 2019.
Determine balances for the following items that would appear on consolidated financial statements for 2018:

Assume that Seacraft sells inventory to Protrade at a markup equal to 40 percent of cost. Intra-entity transfers were $71,000 in 2017 and $101,000 in 2018. Of this inventory, $42,000 of the 2017 transfers were retained and then sold by Protrade in 2018, whereas $56,000 of the 2018 transfers were held until 2019.
Determine balances for the following items that would appear on consolidated financial statements for 2018:

Protrade sells Seacraft a building on January 1, 2017, for $122,000, although its book value was only $71,000 on this date. The building had a five-year remaining life and was to be depreciated using the straight-line method with no salvage value.
Determine balances for the following items that would appear on consolidated financial statements for 2018:

On December 31, 2009, Add-On Company acquired 100 percent of the common shares of Venus Corporation for $ 300,000. Information about the Venus balance just before the acquisition is given here:

Cash and Accounts Receivable...............$ 35,000
Inventory .................................................$75,000
Land ........................................................$100,000,
Buildings and Equipment (net) ................$220,000
Total Assets .........................................$ 430,000
Accounts Payable ....................................$ 65,000
Bonds Payable ................................... $150,000
Common Stock .........................................$100,000
Retained earnings ...................................$115,000
Total Liabilities and Stockholders'Equity$ 430,000

At the date of the business combination, the net assets and liabilities of Venus approximated fair value, except for the inventory, which had a fair value of $ 60,000, land that had a fair value of $ 125,000 and buildings and equipment (net). ) Of 250,000 dollars.

(1) How much inventory will be included in the consolidated balance sheet immediately after the acquisition?

(2) What amount of goodwill will be included in the consolidated balance sheet immediately after the acquisition?

(3) What amount will be included as an investment in Venus Corporation in the consolidated balance sheet immediately after the acquisition?

Baird Manufacturing Company was started on January 1, 2018, when it acquired $81,000 cash by issuing common stock. Baird immediately purchased office furniture and manufacturing equipment costing $9,800 and $24,900, respectively. The office furniture had an 8-year useful life and a zero salvage value. The manufacturing equipment had a $3,300 salvage value and an expected useful life of three years. The company paid $11,500 for salaries of administrative personnel and $15,800 for wages to production personnel. Finally, the company paid $16,360 for raw materials that were used to make inventory. All inventory was started and completed during the year. Baird completed production on 4,800 units of product and sold 3,880 units at a price of $15 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.) Required Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round "Average cost per unit" to 2 decimal places.) Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round intermediate calculations.) Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not round intermediate calculations.) Determine the amount of net income that would appear on the 2018 income statement. Determine the amount of retained earnings that would appear on the December 31, 2018, balance sheet. Determine the amount of total assets that would appear on the December 31, 2018, balance sheet. a. total product cost? average cost per unit? b. cost of good sold? c. ending inventory? d. net income? e. retained earning? f. total asset?

Francisco Inc. acquired 100 percent of the voting shares of Beltran Company on January 1, 2017. In exchange, Francisco paid $450,000 in cash and issued 104,000 shares of its own $1 par value common stock. On this date, Francisco’s stock had a fair value of $12 per share. The combination is a statutory merger with Beltran subsequently dissolved as a legal corporation. Beltran’s assets and liabilities are assigned to a new reporting unit.

The following reports the fair values for the Beltran reporting unit for January 1, 2017, and December 31, 2018, along with their respective book values on December 31, 2018.

Prepare Francisco’s journal entry to record the assets acquired and the liabilities assumed in the Beltran merger on January 1, 2017.

On December 31, 2018, Francisco opts to forgo any goodwill impairment qualitative assessment and estimates that the total fair value of the entire Beltran reporting unit is $1,425,000. What amount of goodwill impairment, if any, should Francisco recognize on its 2018 income statement?

On January 1, 2018, Marshall Company acquired 100 percent of the outstanding common stock of Tucker Company. To acquire these shares, Marshall issued $300,000 in long-term liabilities and 20,000 shares of common stock having a par value of $1 per share but a fair value of $10 per share. Marshall paid $29,000 to accountants, lawyers, and brokers for assistance in the acquisition and another $14,000 in connection with stock issuance costs.

Prior to these transactions, the balance sheets for the two companies were as follows:

Note: Parentheses indicate a credit balance.

In Marshall’s appraisal of Tucker, it deemed three accounts to be undervalued on the subsidiary’s books: Inventory by $9,500, Land by $22,800, and Buildings by $33,000. Marshall plans to maintain Tucker’s separate legal identity and to operate Tucker as a wholly owned subsidiary.

A-Determine the amounts that Marshall Company would report in its postacquisition balance sheet. In preparing the postacquisition balance sheet, any required adjustments to income accounts from the acquisition should be closed to Marshall’s retained earnings. Other accounts will also need to be added or adjusted to reflect the journal entries Marshall prepared in recording the acquisition.

B-To verify the answers found in part (a), prepare a worksheet to consolidate the balance sheets of these two companies as of January 1, 2018. (For accounts where multiple consolidation entries are required, combine all debit entries into one amount and enter this amount in the debit column of the worksheet. Similarly, combine all credit entries into one amount and enter this amount in the credit column of the worksheet.)

Please show calculations, thanks.

Rooney Manufacturing Company was started on January 1, 2018, when it acquired $79,000 cash by issuing common stock. Rooney immediately purchased office furniture and manufacturing equipment costing $7,700 and $33,300, respectively. The office furniture had an 8-year useful life and a zero salvage value. The manufacturing equipment had a $3,700 salvage value and an expected useful life of four years. The company paid $11,900 for salaries of administrative personnel and $15,600 for wages to production personnel. Finally, the company paid $11,440 for raw materials that were used to make inventory. All inventory was started and completed during the year. Rooney completed production on 4,200 units of product and sold 3,220 units at a price of $15 each in 2018. (Assume that all transactions are cash transactions and that product costs are computed in accordance with GAAP.)

Required

Determine the total product cost and the average cost per unit of the inventory produced in 2018. (Round "Average cost per unit" to 2 decimal places.)

Determine the amount of cost of goods sold that would appear on the 2018 income statement. (Do not round intermediate calculations.)

Determine the amount of the ending inventory balance that would appear on the December 31, 2018, balance sheet. (Do not round intermediate calculations.)

Determine the amount of net income that would appear on the 2018 income statement.

Determine the amount of retained earnings that would appear on the December 31, 2018, balance sheet.

Determine the amount of total assets that would appear on the December 31, 2018, balance sheet.